FINANCE Wales has invested more than £50m into Welsh small to medium sized enterprises over the past five years - but it wants to invest more in companies in North Wales.

Its investments so far have leveraged in £150m of private sector cash - making a total of over £200m invested into the Welsh economy since Finance Wales' inception in 2001.

In the first half of 2005 alone the organisation invested over £10m into Welsh businesses.

Chief executive Sian Lloyd-Jones said: "These figures are very encouraging and reinforce our belief that confidence has returned to the Welsh investment marketplace. We are continuing to provide significant funding opportunities for Welsh businesses and are looking to build on these investments, particularly in the North Wales region.

"We are confident that our goal of investing £100m by 2008 will be achieved and can only encourage businesses within this region to contact us regarding their funding requirements. Finance Wales has the funds available to encourage the further development and growth of businesses within North Wales and on the back of our success we will be working to attract substantial additional funds for future investments post-2006."

Finance Wales has loans available from £1,000 up to larger equity investments of £1m or more.

Assembly economic development minister Andrew Davies hailed the £ 50m investment as a major milestone.

He said the money had provided support for a large number of Welsh businesses, which in turn had made a significant contribution to the economic prosperity of Wales.

Finance Wales was created by the Welsh Assemblyto provide commercial funding to Welsh businesses.

Peter Wright, Finance Wales' investment director, is telling North Wales SMEs: "Whether you are expanding, need new equipment or even starting a new business, we have a range of financial solutions.

"Or it may be that a private investor, with both funds and industry knowledge, can be found through xenos, our business angel network.

"Our loans are a valuable source of short term development and growth capital and we would like to see more businesses applying so that even more of our funds can be made available."